Banks’ mortgage rates rise to 3-yr high in October

banks mortgage rates rise to 3 yr high in october

Sumary of Banks’ mortgage rates rise to 3-yr high in October:

  • 26 (Yonhap) — Banks’ average interest rate on mortgage loans rose to the highest level in about three years, central bank data showed Friday, as the government has tightened lending rules to rein in soaring household debt.
  • According to the data by the Bank of Korea (BOK), banks’ mortgage loan rate averaged 3.26 percent in October, up 0.25 percentage point from a month earlier.
  • Banks’ unsecured loan rate also rose 0.47 percentage point to 4.62 percent last month, the highest since March 2019, when it was 4.63 percent.

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